Toubani goes for scale as drilling doubles strike of Kobada gold mineralisation

Phase 1 drilling at Toubani’s Kobada project in Mali has more than doubled the strike of gold mineralisation from 5km up to 11km with shallow, open-pittable mineralisation intersected at all tested targets.

Importantly, the drill results support the company’s overall strategy of developing an oxide-dominant project of scale at the project by providing a pipeline of new oxide prospects for drill testing.

Toubani Resources (ASX:TRE) is focusing on the substantial oxide content at Kobada as it believes that bulk tonnage mining and processing of the material will lower its overall cost and technical risk profile whilst providing the opportunity for increased production by the inclusion of fresh rock mineralisation later in the mine plan.

A notable discovery was made at Kobada West about 1km northwest from the main deposit with 15 holes, which returned assays such as 9m grading 1.72 grams per tonne (g/t) gold including 2m at 6.26g/t gold, delineating continuous, near surface oxide gold mineralisation.

Meanwhile, drilling delivered significant strike extensions to drill-defined mineralisation at Kobada North, Kobada South and Gosso with notable intercepts such as 9m at 1.32g/t gold including 4m at 2.64g/t gold and 1m at 5.78g/t gold.

Drilling to follow-up on maiden auger intercepts from 2022 also confirmed a new discovery at Kobada East.

And this is only the beginning.

While this drill program has been an undeniable success, there’s still plenty of exploration upside given that about 40km of the +50km regional-scale shear zones – for which Toubani has the dominant land position over – have yet to be drill tested.

Gunning for growth

In addition, a review of fresh rock potential below the current oxide resource has supported the potential for significant resource growth after finding that mineralisation remains open down dip and along the entire strike extent below the current average drill depth of 110m.

“Our Phase 1 drilling campaign provides us the confidence that with systematic exploration, a portfolio of projects providing supplementary resources to the Kobada Main Deposit can be defined,” chief executive officer Phil Russo said.

“With almost all of the historical drilling to date being focused at Kobada Main, we are only in the early stages of unlocking the significant regional potential of our ground with 11km of drill-tested strike extent now defined over the 50km of interpreted structures.

“To intersect areas of mineralisation where there was no previous drilling is a fantastic result and demonstrates the exciting potential to grow our oxide resource base over time.”

He also outlined the potential of the free milling, fresh rock mineralisation, noting that there is “enormous opportunity” to grow Kobada at depth.

“We remain focused on continuing to de-risk Kobada as it advances rapidly along the development path and positions itself as a project of significance in the region,” Russo added.

More drilling to come

Whilst Kobada already has a resource of 3.1Moz – including 1.71Moz in the higher confidence Measured and Indicated categories and an existing Definitive Feasibility Study outlining low costs, Toubani’s efforts look set to further grow mineralisation and potentially output as part of its DFS Update activities commenced earlier this month.

As part of this, it plans to carry out both resource and regional drilling campaigns in the second half of 2022,

This is aimed at converting existing Inferred Resources to the higher confidence Indicated category and advancing regional discoveries towards maiden resources.

In addition, initial geological modelling is planned for Gosso, Kobada West and Kobada East to evaluate the potential of these prospects to provide mill feed during the Project’s life.

Infill drilling at one or more of these prospects may also be carried out later in 2023 or early 2024.

The company is also continuing auger drilling to test the extensions of the Kobada Main Shear as well as the interpreted Faraba Shear some 5km along strike from the Kobada Main Deposit.

Artisanal mining in this area is in progress and auger drilling is being used as a first pass technique to test below thin transported cover and laterite platforms.

This article was developed in collaboration with Toubani Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.